Dr. Adelabu Adedeji, the Special Adviser to the President on Revenue, has emphasized the critical need to address illicit financial flows (IFFs) as they undermine domestic revenues, foster corruption, and pose threats to economic stability and sustainable development. Speaking at a sensitization workshop organized by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Adedeji highlighted the importance of efforts to curb IFFs and strengthen operations in the private sector.
Adedeji acknowledged the adverse impact of IFFs on global development goals and governance, stressing that they divert resources from public priorities and hinder government’s efforts to mobilize domestic resources. He pointed out that various forms of IFFs, including tax evasion, trade mispricing, and corruption, have persisted in Nigeria and across the African continent.
While acknowledging progress made in tackling IFFs through the ICPC’s initiatives, Adedeji emphasized the significance of the “Published Guidelines for Private Sector Response to Illicit Financial Flows Vulnerabilities in Nigeria.” These guidelines aim to guide and strengthen the private sector’s role in combating IFFs.
Prof. Bolaji Owasanoye, the Chairman of ICPC, highlighted that achieving sustainable development goals is a shared responsibility of nation-states. He noted that the international community’s commitment to financing sustainable development was underlined by the Addis Ababa Action Agenda. This framework aligns financing flows and state policies with economic, social, and environmental priorities, with specific measures for sources of finance, technology, trade, and debt.
The workshop underscores the collective efforts to address the challenge of illicit financial flows and promote transparency and accountability in both the public and private sectors. By raising awareness and providing guidance, stakeholders aim to curb financial malpractices and contribute to the broader global development agenda.